John Wood profits restrained by setbacks

Oil and gas engineer John Wood Group today said it was confident of resuming “acceptable” growth next year after half-year profits slumped.

The Scotland-based firm, which builds and maintains offshore oil and natural gas installations and power-generating turbines, said a fall in pre-tax profits to $11.7m (€9.7m) from $58m (€47.9m) was in line with expectations.